Sri Lanka farm gate coconut prices up 26-pct over two months

Oct 31, 2010 (LBO) – Sri Lanka’s raw coconuts prices hit another high this week pushing average farm gate prices up 26.5 percent over the past two months, as import protection remained tight amid higher global prices for substitutes. At Thursday’s auctions in Colombo average prices rose 894 rupees to 33,910 rupees for a thousand nuts, after gaining 3,937 rupees a week earlier.

The top price rose to 37,000 rupees for a thousand nuts from 35,510 a week earlier, while the lowest price rose to 29,000 rupees from 22,000.

From September 02, average prices for a thousand nuts have increased 26.5 percent or 9,002 rupees.

Sri Lanka has some of the highest coconut prices in the world due to agricultural trade protection for farmers. Industry analysts say Sri Lanka’s coconut prices have increased due to high duties on imported palm oil, which is pushing millers to use more fresh coconuts to make oil.

Sri Lanka also has some of the highest prices for maize, chicken and fish.

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